5/7/2014 11:46:00 AM
NEWS BRIEFS
Wesco Aircraft Organic Revenue Jumps
Wesco Aircraft reported revenue for its fiscal second quarter ended March 31 jumped 45% to $327.4 million – including 21% organic gains.
“The increase in external sales in the North America segment was 27%, which was mainly driven by growth across the Company’s customer base due to continued ramp-up of recently awarded contracts, scope expansion on existing contracts, new contracts and the acquisition of Haas,” the company stated.
In February Wesco acquired supply chain management firm Haas Group for $550 million.
Fiscal second quarter net income declined 17% to $24.3 million.
Wesco revenue during the first six months of fiscal 2014 grew 26% to $552.1 million, with net income up 2% to $48.7 million.
“We continue to experience high levels of booking activity, scope additions to our existing contracts and contract signings with new customers,” stated CEO Randy Snyder.
“Our expansion into the MRO market continues to make better then expected progress. We now offer 24/7 global coverage for this growing business.”
Southern California-based Wesco manages aerospace supply chains with more than 525,000 parts and components, include fasteners, fittings, nuts, bolts, bushings, clamps, collars, pins, screws and washers. ©2014 GlobalFastenerNews.com
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